READI 2.0 Redevelopment & Art Initiative

The Indiana Economic Development Corporation (IEDC) will allocate approximately $65 million of the Redevelopment & Arts Initiative funding to support a statewide Arts & Culture Initiative to advance regional creative transformation by investing in public art and cultural amenities. Indiana's arts industry contributes $7.6 billion annually to the state's economy. Arts and culture investments have a significant impact on the vibrancy of a community, leading to improved perceptions with resulting population and economic growth.

The Arts & Culture Initiative seeks to engage with residents and communities across boundaries of creative disciplines, geography and demographics to unleash regional creative transformation through capacity building, investment in public art and cultural amenities accessible to the entire community. Eligible projects include public art (murals, sculptures, installations, programmable lighting); development of museums, performing arts venues, art centers, art studio complexes or other culturally significant facilities; art and cultural competitions or festivals with demonstrated long-term funding commitments; initiatives to attract nationally and internationally recognized arts and cultural performances to Indiana; initiatives to support the development of a region's creatives and creative economy; and development of visual architectural design elements unique to local communities.

Communities must showcase their ability to maintain these assets long term and demonstrate a sustainability model. The IEDC will evaluate proposed projects in partnership with the Indiana Arts Commission and a panel of third-party experts from creative industries. If the IEDC commits funding to a project, there will be an expectation that the project will substantially proceed within two years. If the project will not meet that deadline or if the investment has not commenced within this timeframe, the IEDC may reallocate the funding to other arts and culture projects supported by qualifying regional organizations.